Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss $ (111,269,380) $ (71,453,718)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 12,458,229 11,981,655
Depreciation and amortization 1,123,854 739,378
Loss on foreign exchange 93,661 45,833
Operating lease right of use asset amortization 570,458 490,406
Amortization of debt discount 291,392
Change in fair value of derivative liability 251,000
Changes in operating assets and liabilities:    
Decrease in customer receivable 5,000,000
Decrease (increase) in prepaid expenses 346,812 (1,233,088)
Decrease (increase) contract asset 1,062,769 (2,681,065)
Increase in other assets (149,070) (41,145)
Increase (decrease) in accounts payable (3,468,917) 4,366,439
Increase (decrease) in accrued expenses (400,766) 12,555,384
Decrease in deferred revenue (6,462,503)
Increase (decrease) in operating lease liabilities (595,745) 971,696
Net cash used in operating activities (99,685,703) (45,720,728)
Cash flows from investing activities:    
Purchases of property and equipment (484,491) (2,742,541)
Net cash used in investing activities (484,491) (2,742,541)
Cash flows from financing activities:    
Proceeds from issuance of short-term borrowings 909,375 963,514
Proceeds from issuance of long-term borrowings 18,756,021
Repayment of short-term borrowings (951,876) (605,160)
Proceeds from issuance of common stock 142,200,752 40,677,060
Issuance costs paid for common stock financings (6,039,423) (2,571,552)
Principal payments under capital lease obligations (375)
Net cash provided by financing activities 154,874,849 38,463,487
Net increase (decrease) in cash, cash equivalents, and restricted cash 54,704,655 (9,999,782)
Cash, cash equivalents, and restricted cash at beginning of the year 31,748,686 41,748,468
Cash, cash equivalents and restricted cash at end of the year 86,453,341 31,748,686
Supplemental disclosure of cash flow information and non cash transactions:    
Cash paid during the period for interest 629,146 29,448
Fair value of warrants issued in loan agreement 472,409
Fair value of warrants issued 334,740  
Write-off of fully depreciated property and equipment 156,645
Purchases of property and equipment included in accounts payable or accrued expenses 376,664
Right of use assets obtained in exchange for lease obligation upon adoption of ASU 2016-02, net of deferred rent 2,399,524
Right of use assets obtained in exchange for lease obligation upon entry into lease agreements $ 3,909,865
Stock subscription receivable $ 960,033